How to make huge savings on bills by going green
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The Chancellor has announced the world’s first-ever green savings bonds scheme. Britons aged 16 and over will be able to invest their money in the Government’s new eco-friendly projects.
Their money will be 100 percent guaranteed by the Treasury via NS&I and mean savings go towards combating global warming.
The Green Savings Bonds will be offered at a 0.65 percent fixed annual rate over a three-year term.
Mr Sunak boasted the UK was a “world leader in green finance” and was now giving Britons the chance to get involved.
He said: “Our world-first Green Savings Bonds give savers across the UK the chance to back the Government’s green projects and put their money to work in the fight against climate change.
“The UK is already a world leader in green finance and these innovative new savings bonds will deliver both financial returns and environmental benefits, in a transparent and secure way.”
The Treasury’s announcement of the new scheme comes just two weeks before the UK host’s the COP26 climate change summit in Scotland.
World leaders will gather in Glasgow to pledge new commitments to tackling climate change, with the aim of keeping the world on track to avoid global temperatures rising by more than 1.5C by 2050.
Prime Minister Boris Johnson has sought to lead the way on the summit, committing Britain to a series of new green initiatives.
Investors in the Green Savings Bonds will be able to not only ensure their money goes towards helping the planet, but will also be able to track metrics such as the number of jobs created and which small firms have benefitted.
According to the Treasury, research has found 80 percent of 25-44-year-olds are interested in a green savings product.
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Sean Kidney, CEO of Climate Bonds Initiative said: “Every government has to green their budgets to meet climate targets.
“The UK’s landmark green savings bonds show just how that greening can and will be funded.
“It serves as an example to the world.”
The launch of the new scheme follows the success of the green sovereign bonds issued last month.
Over £10billion worth were issued last month, with a further £6billion issued on Thursday of this week.
Officials say that on both occasions the green sovereign bonds were heavily oversubscribed.
Rhian-Mari Thomas, CEO of Green Finance Institute: “Following the success of the UK’s first two Green Gilt issuances, it’s great to see the launch of the new Green Savings Bonds, which will allow savers to put their money to work for the benefit of the environment.
“This is another important step to channel investment towards building a green, prosperous and inclusive UK economy, and an opportunity for savers to get involved.”
COP26 gets underway on October 31.
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